Tata Digital’s financial services bet pays off as credit cards top 1.5 mn
Tata Digital’s bet on financial services seems to be paying off, as its credit card offering crossed 1.5 million users this financial year (till October 4, 2024). This is up from 1.18 million cards at the end of FY24.
Tata Neu and HDFC Bank, in a partnership, had launched the Tata Neu HDFC Bank credit card towards the end of 2022.
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In a LinkedIn post, the company said: “We’re thrilled to announce that the NeuCard community has reached a significant milestone: 1.5 million members.”
According to Tata Digital’s FY24 annual report, its financial services had witnessed significant growth, with its co-branded credit card reaching 1.18 million cards.
The company said that it is the fastest growing co-branded credit card in India.
It has also launched its insurance offering for users of its app.
The Tata Neu app is now offering insurance in categories such as health, accident, motor (two-wheeler and four-wheeler), cyber insurance and home insurance.
The addition of these categories follows media reports that the company intends to launch a financial marketplace.
Tata Digital’s plan on building the financial services offering and its loyalty programme is the idea of its chief executive officer (CEO) Navin Tahilyani. Tahilyani had highlighted these in his first email to employees, after taking over last year.
“We will have to work on a few aspects to win the hearts and mind of our customers — fine tune the loyalty programme, invest in and leverage data for offers, find a better way to convey our proposition to customers, improve customer experience while creating new value propositions, and use financial services smartly to enhance customer stickiness. We will have to be razor sharp about our priorities and execute our strategic initiatives with rigour and discipline,” he had written in the email to employees.
For this ongoing festival season sale, the platform has announced the launch of ‘Gift Card Store’. This is a gifting marketplace with over 100 brands, including both Tata and non-Tata, covering 15 categories.
The LinkedIn post also said that the 1.5 million NeuCard holders have seen rewards worth over Rs 250 crore shared.
The NeuPass programme, according to the annual report of FY24, has achieved strong growth, with a sizeable 116.4 million member base.
Tata Digital saw its losses narrow in FY24 to Rs 1,200.82 crore. Losses for FY23 stood at Rs 1,370.09 crore, according to the FY24 annual report of Tata Sons.
The Tata Neu app offering insurance in categories like health, accident, motor, cyber insurance and home insurance
The company intends to launch a financial marketplace
For the festival season, the platform has announced the launch of ‘Gift Card Store’, with over 100 brands, covering 15 categories
The NeuPass programme, with a sizeable 116.4 million member base, achieved strong growth
First Published: Oct 06 2024 | 6:06 PM IST